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Johannesburg - Walmart and its South African target, Massmart Holdings [JSE:MSM], are considering legal options to ensure a fair hearing after competition authorities delayed a hearing by nearly two months.
The Competition Tribunal postponed hearings into Walmart's R16.5bn bid for a controlling stake in Massmart to between May 9 to 16 from this week, after the government and unions asked for more time to submit additional information.
"Massmart and Walmart are considering, together with their legal advisers, their options to facilitate an expeditious and fair regulatory hearing," the companies said on Wednesday.
Competition authorities are the last obstacle to the world's biggest retailer taking a 51% stake in Massmart, after shareholders overwhelmingly voted in favour of the deal in January.
The deal has pitted Walmart against South Africa's powerful trade unions, some of which have threatened to strike against the US giant.
Walmart, which agreed to pay R148 per share for the stake, said Massmart remained a compelling investment.
Massmart shares gained 1.25% to R132, recouping some of the losses suffered in the previous session.
The Competition Tribunal postponed hearings into Walmart's R16.5bn bid for a controlling stake in Massmart to between May 9 to 16 from this week, after the government and unions asked for more time to submit additional information.
"Massmart and Walmart are considering, together with their legal advisers, their options to facilitate an expeditious and fair regulatory hearing," the companies said on Wednesday.
Competition authorities are the last obstacle to the world's biggest retailer taking a 51% stake in Massmart, after shareholders overwhelmingly voted in favour of the deal in January.
The deal has pitted Walmart against South Africa's powerful trade unions, some of which have threatened to strike against the US giant.
Walmart, which agreed to pay R148 per share for the stake, said Massmart remained a compelling investment.
Massmart shares gained 1.25% to R132, recouping some of the losses suffered in the previous session.
